Photo courtesy of CBRE.

A Shelton luxury apartment complex has been sold to a multifamily investor.

The 250-unit Avalon Shelton complex at 185 Canal St. was sold by AvalonBay Communities to Merion Realty Partners, a firm that buys and operates multifamily complexes for institutional investors and high net worth individuals. The purchase price was not disclosed but the building is appraised at $29.79 million, according to city property records.

Built in 2013, Avalon Shelton is highly amenitized Class A community offering an oversized fitness center, heated pool, resident lounge and covered structured parking with direct access to each residential floor. The pedestrian/transit centric property is located along the banks of the Housatonic River in downtown Shelton with easy access to numerous restaurants. The community has original finishes in every home providing a value-add opportunity by renovating the interiors, according to CBRE, who represented AvalonBay in the transaction and procured the buyer.

“We are pleased to have represented Avalon in the sale of Avalon Shelton. This is a very unique asset,” CBRE’s Jeff Dunne said in a statement. “Its location adjacent to walking paths along the Housatonic River offers residents with scenic views in a tranquil environment. At the same time, access to Route 8 is within only a couple minutes of the property, providing convenient access to the employment centers of New Haven, Stamford and Norwalk. Merion Realty Partners should do well with the asset as they expand their footprint in Connecticut and build on the solid operations from Avalon.”